-78%

est. 2Y upside i

AI & MLSeries B

At Story, we aim to revolutionize how creativity is shared and managed on the internet. The internet has enabled innovative ways of creating and distributing creative works, from remix culture to AI-generated content. However, current intellectual property (IP) systems are outdated, limiting the potential for openness and collaboration.

Rank

#4210

Sector

Blockchain, Artificial Intelligence

Est. Liquidity

~4Y

Data Quality

Data: High

Story presents a high-risk equity opportunity due to an extremely high valuation ($2.2B) that is severely disconnected from its current on-chain protocol revenue (~$152/day) and active user base (208).

Last updated: March 10, 2026

Bull (15%)+200%

Story successfully pivots to AI data licensing, securing major enterprise partnerships and driving significant on-chain usage. This leads to a substantial increase in protocol revenue and active users, justifying a $6.6B valuation (3x current) as a leader in the AI IP infrastructure space.

Base (15%)-25%

Story struggles to gain significant traction in the highly competitive AI data licensing market, with modest growth in on-chain usage and revenue. The company maintains its niche but faces ongoing challenges from incumbents, resulting in a valuation decline to $1.65B.

Bear (70%)-70%

Dominant incumbents like Google and Microsoft launch competing AI IP solutions, commoditizing Story's offerings. Coupled with continued low on-chain usage (protocol revenue of ~$152/day) and the delayed token unlock creating selling pressure, the company faces a severe down round, leading to a valuation of $0.66B and significant loss for common shareholders.

Est. time to liquidity~4.0 years

Preference Stack Risk

moderate

Funding Intensity

9%

Total funding of $193M means investors hold $193M in liquidation preferences ahead of common shareholders. In an exit below $193M, common shareholders would receive nothing.

Dilution Risk

high

As a Series B company with very low current on-chain revenue, Story will almost certainly require additional funding rounds, leading to significant future dilution for common shareholders.

Secondary Liquidity

none

There is no indication of active secondary markets or tender offers for Story's equity.

Questions to Ask at the Interview

Strategic questions based on Story's data — designed to show you've done your homework.

  • 1

    “Given the extremely low on-chain protocol revenue and active users, how does Story plan to bridge the gap between its current operational metrics and its $2.2B valuation within the next 2-3 years?”

  • 2

    “With major tech companies like Google and Microsoft actively developing AI solutions, what is Story's differentiated strategy to build a sustainable competitive moat in the AI data licensing space, beyond its current 'moderate' assessment?”

  • 3

    “The IP token unlock was delayed to August 2026 due to lagging usage and dump fears. What specific milestones and usage metrics are critical for the team to achieve before this unlock to mitigate further token price decline and investor concerns?”

Community

Valuation Sentiment

Our model estimates -78% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.